Home Buying Trends Among Filipinos
There is no doubt that the country’s property market is flourishing. Real Estate developments are happening everywhere, not only for the residential sector but also for business. How are the consumers behaving in this scenario? I recently came across the 2015 Lamudi Real Estate Report which could help us understand the home buying trends among Filipinos at this time and age.
Reasons for Moving House
The main reason why most Filipinos are moving and buying real estate properties is the desire to own one’s home. Following a far second is the preference for better area, move to a city, or to live close to relatives. Other reasons cited include work-related relocation and proximity to schools. It would appear that the Philippines which has long been seen as a rental nation is slowly but surely moving towards property ownership. The high demand for residential properties are attributed to two main sources: OFWs investing in residential condos and the young population who have increased buying power.
Preferred Property Type
As to property type, the hands down winner is the house over condos and townhouses. Houses are preferred by potential home buyers although condos are the most-searched when it come to rental options. This is a clear indication of the Filipino consumers’ preference for living convenience which the condo set-up makes possible. When it comes to property ownership however, the choice remains traditional thus the preference for houses.
Most Popular Areas for Homebuyers
Metro Manila continues to be a preferred area for homebuyers. Quezon City, Makati, and Manila tops the list. Cebu and Cavite provinces are the next most preferred after Metro Manila. Although, the search volume for Metro Manila is increasing, the National Capital Region’s share is gradually decreasing as searches for CALABARZON and Central Visayas where Cavite and Cebu City are located respectively are increasing. Santa Rosa, Laguna and Lapu-Lapu City in Cebu are likewise popular searches.
Role of the Internet in Property Search
More and more Filipinos are looking online for their property search. The Lamudi report showed that 8 out of 10 Filipino homebuyers cite the Internet as their starting point when researching about properties. It is no coincidence that the Internet is the leading platform used by real estate agents in advertising their listings.
My Say
With the increased purchasing power of the working sector came the challenge of time management. Most of those who have the capacity to pay for houses do not have the luxury of time to visit each and every housing development that interest them. With online real estate sites like Lamudi Philippines, consumers who are on the lookout for properties to buy, sell, or rent can narrow down the choices to the most relevant and save precious time in searching.
mumwrites (@vixquips)
It is true that a lot of Filipinos desire to have their own homes. It is good that a lot of developers are coming up with more options to cater to everyone. I am also on the look out for a property, in the hopes to have our own space very soon.
Nova
So true, I have heard so many opened real estate lately in my hometown too. It seems like they are everywhere and I don’t even know to find more trees nowadays. Sometimes, this businesses should also think about Mother Nature.
Chubskulit Rose
We are moving next month and online searches helped us found the next home that we love.
msculit
Having a home is one of our goals when my hubby and I got married many moons ago. We told ourselves that before 35, we would have our own property. And we did, and we didn’t stop there. Owning a property is one way to secure our daughter’s future so she doesn’t have to worry about it when we are all old and grey.
I would also like to see the fruit of our labour when my hubby and I eventually retire back in the Philippines. I think owning a home or any type of residential property is a wise investment no matter how old you are. But if you can start young while your spending capacity is at its peak and no other obligations to mind, that will be a good way to invest.
Peachy @ The Peach Kitchen
I agree with you, the main reason why most Filipinos are moving and buying real estate properties is the desire to own your own home. That’s the reason why we moved out too.
Lencilicious
I believe that it is really vital to view any target property to buy. Many contributing factors are better to be observed seriously before closing any deal. Personally, I prefer houses than condos.
JessicaACassidy (@wifetoalineman)
Searching properties online helps as well. We moved and sold our old house back in 2007. We bought this house from our realtor. You have to make sure you know what kind of property you want and the range prize as well.
Dogvills
We bought our house 4 years ago and it was through online search that we found our home. You are right about people not having the luxury of time to visit every house that interest them.